State Administration of Foreign Exchange: Banks should promptly report any information related to suspected illegal cross-border financial activities involving virtual currencies

ChainCatcher news, the State Administration of Foreign Exchange has formulated the "Measures for the Administration of Foreign Exchange Business by Banks (Trial)" in accordance with the "Regulations on Foreign Exchange Administration of the People's Republic of China" and relevant laws and regulations, which will take effect on January 1, 2024.

Among them, Chapter 5 "Monitoring and Disposal of Foreign Exchange Risk Transactions" Article 28 states that banks shall conduct monitoring and analysis of foreign exchange risk transactions for customer transactions. For information discovered during due diligence, ongoing review, and post-monitoring that is suspected to involve false trade, false investment and financing, underground banks, cross-border gambling, fraudulent export tax refunds, illegal cross-border financial activities involving virtual currencies, and other suspected illegal cross-border capital flow behaviors, timely foreign exchange risk transaction reports shall be formed and submitted to the State Administration of Foreign Exchange.